Tesla Motors, a San Carlos, Calif.-based maker of electric vehicles, has increased the number of shares being offered in its IPO from 11.1 million to 13.3 million. It still plans to sell the shares at between $14 and $16 a piece, and would have an initial market cap of approximately $1.5 billion, were it to price at the high end of its range.
The company reported $20.59 million in sales for the first three months of 2010, which is basically flat from the same period in 2009. Its net loss in those months grew to $29.5 million in 2010 from around $16 million in 2009.
Tesla has said to expect continued losses until it begins making “significant” deliveries of its Model S sedan, which is not expected until 2012. The Model S production will be aided by a recent partnership with Toyota Motors Corp., which also agreed to purchase $50 million worth of common stock in Tesla post-IPO.
Tesla has raised over $220 million in VC funding from firms like Draper Fisher Jurvetson, Daimler AG and VantagePoint Venture Partners. www.teslamotors.com